Bullish TRX, up 15 percent in the last week

Despite the lukewarm price action of the last three days, TRX is technically bullish because prices continue to be traded as of October 15th. Nevertheless, traders should expect a sharp break and close above the 3 cents or highs of Sep before making purchases at shorter intervals.

Latest news Tron

The Crypto community is dissatisfied with Justin Sun and its recent Tron and TRX promotion backfiring campaign as this power platform that is better than others. While the team behind the platform deserves praise for the creation of a dPoS system that is fast, cost-effective and auspicious with the concept of decentralization of the blockchain, most commentators believe that Justin is exaggerating in the project. Meanwhile, investors who buy their tweets and "announcements" are bleeding.

Recently, Justin said that Tron was planning to collaborate with a multi-billion dollar company and although he did not mention the names, the community – which has always been targeted – was ready to speculate and identify the company as Baidu . Days after the foundation it stated the "partnership" but it was not what many expected.

Well, he involved Tron by buying and making use of Baidu's computer resources and nothing was mentioned about the integration of these elements at the blockchain level. This revelation did not go well with many who brought on Twitter to express their displeasure. Baidu has its plans to create an independent blockchain platform and according to reports they are not going to integrate with Tron.

What's worse is that this is not the first time that Justin is exaggerating and facing Tron unnecessarily while discrediting other platforms. On several occasions it has been cited as a solicitation to developers to abandon Ethereum and migrate to Tron, which he believes is faster, cheaper and with incentives to support developers. This despite being less than 15 months and not tested over time as Ethereum for example.

Tron (TRX) Price analysis

Weekly chart

Back to the price and it is clear that the bears are in charge. And this preview is well supported by candle formations as visible from the weekly chart. As we can see, prices are still in trend in August 2018, while the bulls are not able to rise above the main resistance line at 3 cents. The main support line is 1.6 cents, which also doubles as the lows of 2018 and an important sales line.

Considering the accumulation of the last six weeks or so, it is obvious that bears have the upper hand also from the point of view of the effort with respect to the result. Remember, the activity of price action over the last six weeks has not so far canceled the two weeks of heavy losses printed at the beginning of August.

This gives the bears an edge and could be deflating for conservative, risk-averse bulls, eager to reverse the deep price and erosion of the 2018 value.

To further cement this bearish statement is the long upper wick that signals bears in the lower time period, despite an increase of 15% in the last week. So, unless otherwise, we recommend traders to take a neutral position until there are no solid rallies of more than 3 cents.

Daily chart

The market that goes and the meaning of the resistance around 2.8 cents and 3 cents are best exemplified in the daily chart. Although TRX prices are still trending at the 15th low, we must see the bulls follow and overcome this level of resistance.

Otherwise, and as already mentioned, sellers would be more controlled if the TRX sellers managed to overcome the 2 cents support barrier and the October 15 lows. For now, we have a bullish bias for risk traders, but to ensure our patience should prevail until we see movements higher than the September-October highs.

Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.